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ADRIAN BAIRD examines the meaning of 'agricultural value' within IHTA 1984 s 115(3).

THE LANDS TRIBUNAL delivered its judgment in the case of Lloyds TSB Private Banking (personal representative of Rosemary Antrobus deceased) v Peter Twiddy DET/47/2004 (referred to hereafter as 'Antrobus 2') on 10 October 2005 (see www.landstribunal.gov.uk/decisions.do). This second Antrobus case should not be confused with the equally important case of Lloyds TSB plc (Antrobus' Personal Representative) v CIR [2002] SSCD) 468 ('Antrobus 1') even though both were concerned with key definitions of inheritance agricultural property relief (APR).
APR provides relief against so much of a transfer of value as is attributable to the agricultural value of agricultural property (both key terms in italics being defined respectively in IHTA 1984 s 115(3) and s 115(2)). In order for a farmhouse to qualify for APR it must be agricultural property which in...